Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (o****omia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)".[1] Current economic models emerged from the broader field of political economy in the late 19th century. A primary stimulus for the development of modern economics was the desire to use an empirical approach more akin to the physical sciences.[2]
I Feel economics today still is for a large part very politicaly inspired rather then empirical. It's an accusation often pointed towards Austrian economics but the other economic schools are just as prone to mix economics and politics together. And perhaps logicaly so cause they can't actually be regarded as 2 different things not interfering with each other.
THE MOST ABUSED SCIENCE OF ALL. Its the science of making the majority accept and play under a system that favors a few at the expense of the rest. Its capitalism for you and socialism for me. If you fail is because you are not a good capitalist, its because you have to work harder, donât be lazy. If I fail is because of bad market, and if I go belly up you will DIE and therefore you have to bail me out. And if you feel helpless, donât be, you are a free man.